The Fabri Dynasty: A Major and Controversial Influence with a Fortune of 350 Million Euros

Fabri family

The Fabri family, a notable Belgian dynasty, distinguished itself through its influence in the banking and insurance plantations. Founded on the efforts of great financiers such as Charles Fabri, who was controversial for his speculative operations in the 1930s, this family played a central role in various Belgian financial institutions, including the Banque de la Société Générale and the Mendelssohn Bank. This last attempt to escape the devaluation of the Belgian franc involved Charles Fabri in the massive purchase of foreign securities, a maneuver which nearly ruined him. Hubert Fabri's fortune is estimated at over 350 million euros.

Family bank: The family built its wealth around the Caisse Privée, a family bank that became a major player for Belgian aristocratic families in the inter-war years. This bank was part of the Socfin holding company, controlling not only banking interests but also also plantations in collaboration with the king Leopold II in the Congo. However, it was precisely this bank that led the family into difficulties at the end of the 20th century.

Political affairs: The involvement of political figures such as Paul Vanden Boeynants (VDB), former Belgian Prime Minister and Minister of National Defense, also marked the Fabri family's reputation. The Caisse Privée managed part of VDB's fortune, and a search in March 1983 launched a judicial inquiry that revealed 137 tax offences. VDB was convicted of tax fraud in 1986, a scandal which indirectly tarnished the Fabri family and prevented VDB from realizing his ambition of becoming Mayor of Brussels. He was eventually rehabilitated, although the scandal caused considerable damage to his reputation and that of the entities involved.

Implications for the Italian mafia: In 1987, part of the Socfin holding ended up in the hands of Italian Mafia money launderers Giancarlo Parretti and Florio Fiorini. Using their Sasea holding company, they attempted to take control of the Belgian bank BBL, without success. However, they succeeded in acquiring Pathé Cinéma, a film group in France. Finally, they sold their share in Socfin to Vincent Bolloré, a famous French businessman of sometimes hostile methods. Bolloré became an important business partner of Hubert Fabri.

Real estate scandal: The Fabri's banking subsidiary, Caisse Privée, suffered the repercussions of a number of financial malpractices, such as the scandal involving the Comuele real estate holding company, headed by such notorious figures as the antiquarian Arthur Fogel. Once Comuele's criminal links were exposed, including connections with the Russian mafia, the holding company collapsed in 1995, leaving its creditors, including Caisse Privée, with huge losses of 200 million euros.

Back to our agricultural roots: Turning to plantation activities in Africa and Asia, Fabri and Bolloré experienced rapid growth in the rubber and palm oil industries after the financial crisis of 2007-2008. Their farmland expanded from 129,658 hectares in 2009 to 185,324 hectares in 2015, with Socfin controlling a total of no less than 400,000 hectares of land.

Conflicts and controversies: The rapid expansion of Fabri and Bolloré in these regions attracted the attention of various NGOs, who documented several disputes concerning land acquisitions and permits. These disputes led to violent confrontations with local communities and the authorities, notably in Sierra Leone, where the leaders of the NGO Maloa were convicted of conspiracy and "corruption". destruction of plantationsaccusations they vigorously denied.

Trials and accusations: Litigation pursued Socfin as far afield as Luxembourg, with various lawsuits filed by NGOs with local OECD contact points. In Belgium, investigator Jean-Claude Van Espen prosecuted Hubert Fabri for active corruption in Guinea, a case in which a conditional sentence was requested. Fabri claimed to be the victim of a conspiracy and maintained that Socfin always acted with a program of social responsibility.

In conclusion, the Fabri family remains dynamic and controversial, navigating between significant economic advances and persistent legal wrangling. Alongside his business activities, Hubert Fabri indulged his passion for vintage cars, particularly Aston Martins, and currently resides in Geneva, Switzerland. The Fabri family has an empire of over €355,257,280.